tag:blogger.com,1999:blog-27584252.post9038464607981383354..comments2024-03-22T18:15:47.666+11:00Comments on Boy on a bike: Catching up on this whole AIG thingUnknownnoreply@blogger.comBlogger2125tag:blogger.com,1999:blog-27584252.post-77539272639477767982009-04-01T17:51:00.000+11:002009-04-01T17:51:00.000+11:001) check2) check3) check4) check5) check6) check7)...1) check<BR/>2) check<BR/>3) check<BR/>4) check<BR/>5) check<BR/>6) check<BR/>7) check<BR/>8) check<BR/><BR/>Seems like we came to the same conclusion..<BR/><BR/>Take care,<BR/>JayRealtor from Vancouverhttp://jaybanks.ca/vancouver-real-estate/noreply@blogger.comtag:blogger.com,1999:blog-27584252.post-49299014550202874412009-04-01T10:10:00.000+11:002009-04-01T10:10:00.000+11:00"The following is a letter sent on Tuesday by..."The following is a letter sent on Tuesday by Jake DeSantis, an executive vice president of the American International Group’s financial products unit, to Edward M. Liddy, the chief executive of A.I.G."<BR/><BR/>http://www.nytimes.com/2009/03/25/opinion/25desantis.html?_r=1&ref=opinion<BR/><BR/>This article really made me stop and think. <BR/><BR/>I was one of the people railing against AIG.<BR/><BR/>What the media failed to tell us is that the people responsible for the credit default swap transactions had "left the company and have conspicuously escaped the public's outrage;" - that many senior level employees agreed to work for an annual salary of $1, "out of a sense of duty to the company and to the public officials who have come to its aid."<BR/><BR/>I never really thought that AIG employees may actually really deserve the retention payments which AIG is now urging them to repay the federal government in the face of political pressure.<BR/><BR/>Surely Jake DeSantis is not the only employee to be financially affected by the crisis.<BR/><BR/>DeSantis lost a significant portion of his life savings in the form of deferred compensation invested in the capital of A.I.G.-F.P. because of the credit swap losses. <BR/><BR/>I'm still unsure where I stand on this issue but it definitely gives us pause for thought. <BR/><BR/>Like most cases it's the hard working employees that may suffer as a result of this decision, not senior management, and not those that were responsible for this catastrophe in the first place.An Irritating Truthhttps://www.blogger.com/profile/05746636976459193686noreply@blogger.com